August Operational Snapshot and Strategic Portfolio Shift
Canaan Inc. has released its operational update for August 2026. The company reported a production of 44 Bitcoin during the month. Its self-operated mining hash rate remained steady at 10.05 EH/s, while the installed capacity from joint ventures reached 4.92 EH/s, with a consolidated power cost averaging $0.043 per kWh.
A Decisive Liquidation for Liquidity
A notable strategic move occurred in late August. Canaan liquidated its entire Ethereum reserve of 3,952 ETH at an average price of approximately $2,400 per token. Concurrently, it sold 54 Bitcoin at an average price of around $79,000. These transactions generated roughly $13.9 million in cash proceeds.
Accelerated Buyback and Updated Holdings
The company promptly deployed a portion of the newly acquired capital to repurchase its American Depositary Shares (ADS). In August alone, Canaan bought back approximately 13.6 million ADS, bringing the year-to-date total to about 16.4 million shares. As of the end of August, its digital asset holdings stood at 1,868 Bitcoin, with zero ETH remaining on the balance sheet.
Additional Project Updates
Beyond its primary mining operations, Canaan is advancing other initiatives. The equipment for its computing waste-heat recovery greenhouse project in Canada has arrived on-site, and installation has commenced. Separately, the company's mining operations in Ethiopia are currently suspended, although the associated hash rate continues to be included in its total installed capacity.